Stocks waffled as Wall Street monitored the FOMC's latest decision
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| | | 10/30/2019 | |
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| S&P Rallies to Record After Fed Cuts Rates | | By Lillian Currens | | The Dow traded on both sides of the breakeven today, before eventually settling in positive territory, with all eyes on the Federal Open Market Committee's (FOMC) monetary policy decision. The central bank lowered its benchmark funds rate by 25 basis points as anticipated, and Fed Chair Jerome Powell said that inflation would need to rise "significantly" to consider a rate hike -- though he added that FOMC officials "see the current stance of monetary policy as likely to remain appropriate," downplaying the chances for more rate cuts in the near term. It was a promising day on the earnings front, too, with General Electric (GE) posting a quarterly beat, while traders also digested upbeat economic data. As such, the Nasdaq and S&P 500 also closed the day in the black, with the latter index notching fresh record highs. Continue reading for more on today's market, including: - 2 insurance stocks pulling back to historically bearish trendlines before earnings.
- These 3 penny stocks made big moves today.
- Plus, traders eye Cigna stock before earnings; puts pop on EIX stock; and the FDA drama bruising AMAG stock.
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